No insurance? That's nuts. Even with an ancient boat of no value you are liable for stuff you do, personally liable. Say you take someone aboard and they fall and get hurt getting aboard. Guess what, you get sued. Does your homeowners insurance cover this? Probably not.
Unfortunately, I have found no company willing to issue liability only insurance for the Bahamas so I have had to get full coverage. For my 28' boat, it is about $700/yr because she has little value.